THE IMPLICATION OF THE STRUCTURAL ADJUSTMENT POLICIES ON SOCIAL DEVELOPMENT IN NIGERIA

How did Nigeria respond to the economic crisis it faced in the late 1980s due to its excessive over-relianceon ‘rents accrued from the ‘petro-dollar? A market characterized with so much volatility and uncertainties. In this context, this article seeks to address this question with the implementation of the Structural Adjustment Policy (SAP) as a response to confronting the crisis but also, as an avenue by Nigeria to restructure and revamp its ailing economy. Using extensive desk review, the article further examines how this SAP policy impacted on Nigeria vis-a-vis the paradox of economic development, the success of this policy as well as challenges. From its findings, the introduction of the SAP policy has not made any significant progress in addressing the economic crisis that eventually led to its establishment by the Nigerian government. This is because the policy failed to address the question of poverty, inequality, dearth economic development amongst other contending socio-political, and economic challenges in the country.